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Revolut Card Review

By Will Ellis

Last Updated on November 16, 2023

Revolut has been on the market for eight years. However, Revolut Australia launched in 2019.

Since Revolut obtained its Australian Financial Services Licence, Australians can open a Revolut account. Revolut is now widely accepted worldwide, but you may still be unsure about it being the right card and account for you. Don’t worry. We’ve got you covered in this review.

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Table of Contents:

Who Is Revolut Australia
The Revolut Card Review
Benefits and Drawbacks of a Revolut Account and Card
The Verdict
FAQs

Who Is Revolut Australia? 🤔️

Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, and the business is currently headquartered in London in the UK. However, Revolut operates globally, including here in Australia. There are now over 35 million Revolut users. Revolut offers accounts for personal and business use. Revolut prides itself on simplifying all things money-related.

Revolut offers a variety of products and services, such as:

Revolut account: With a Revolut account, you can control, spend, and save money. You can also get a Revolut card and manage your account from the free Revolut app.
Revolut cards: Revolut offers physical, virtual and disposable virtual cards, all of which you can make card payments with. Depending on your subscription plan, you can upgrade your debit card to a metal one. You can choose the colour of your Revolut card or select one at random. Most Revolut accounts come with a Revolut card.
International money transfers: You can send money in 40 currencies to over 100 countries with transparent foreign transaction fees. You can send money abroad via a bank transfer, peer transfer or wallet transfer.
Budgeting and Analytics: The Revolut app has category options to help set and meet your financial goals. You can track your spending and see where you spend the most. You can put your money aside with Pockets- the feature that makes separating money easier.
Investment opportunities: Revolut allows you to expand your investment portfolio with digital currencies and other trading goods such as crypto, stock and commodities.
Lifestyle features: Discounts and cashback when you shop online with Shop via the Revolut app. You can also donate to causes and charities too.
Business services: Revolut caters to businesses with Multi-currency accounts, currency exchange, payments, market integration, company cards, and more.
Services for under-18s: If you’re under 18 or a parent looking for an account for your teenager, there is an account that allows them to spend and save money.

The Revolut Card Review ➡️

Revolut offers a wide range of cards. You can use a physical card for in-person purchases, a virtual card for online shopping, and even disposable virtual cards for one-time purchases. There are plenty of card options available. You can have more than one at a time, so if you want a physical card, you can send one out to you and have a virtual card on your smartphone in the Apple Pay, Google Pay, or Samsung Pay wallet.

Let’s explore each option a little closer:

Physical card: You can order a Revolut card to make in-person purchases. You can choose the colour of your card too, making it more personal to your personality, which is a nice touch from Revolut trying to personalise money management to each user.
Virtual card: While waiting for your physical card to be delivered, you can use a virtual version of your card immediately via Apple Pay and Google Pay.
Disposable card: If you’re online shopping at a website you’re not 100% sure about, you can generate a disposable Revolut card. The app will create a card for the one online payment, and once the transaction is complete, the card expires. A disposable card ensures when you shop online, your details are safe.

On top of the different types of cards, you can pick a unique design. You can customise your card with different colours and designs to make it more personal. Revolut offers three subscription plans you can choose from, each with a different Revolut card and account features. You only have to pay for the premium or metal account; the standard version is free.

The three plans are:

Standard account: This free plan costs nothing, and you still get the essential needs of a money-holding account.
Premium account: For A$9,99 a month, you can upgrade your standard account to premium, which allows you to do everything a standard account can do, plus additional features for spending, investing and saving smart worldwide.
Metal account: For a monthly fee of A$24.99, you get the whole package with this plan. You get all the additional features Revolut offers, the exclusive contactless Metal card, and other great bonuses.

We’ll further dive into what each plan includes in the following sections, and we’ll explore all the features of each Revolut account and how the Revolut card changes throughout each subscription plan.

Revolut Standard Account

Monthly fee: There are no Monthly fees with the standard account.
ATM fees: You can make ATM withdrawals up to A$350 per month.

The standard Revolut account gives you all the essential needs of a money-holding account. There are no costs for your first card; you will even get free standard delivery. With the standard Revolut card, you can choose the colour.

With the standard account, you’re limited when using the investment features; for example, you only get three free stock trades, and the exchange rates are higher. Crypto exchange rates are 1.49%, and the minimum fee is $1.99. When doing a commodity exchange, the price is 1.99%, and the minimum is A$1.99.

You can benefit from international spending, with currency exchange in over 30 currencies with no fees on an A$2,000 monthly spending limit Monday to Friday. There may be other fees on the weekend.

Revolut Premium Account

Monthly fee: A$9.99.
ATM fees: You can make ATM withdrawals up to A700 per month.

You can upgrade your standard account to premium, which allows you to do everything a standard account can do, plus additional features for spending, investing and saving smart worldwide. The monthly limit for an ATM withdrawal increases with the premium account.

Additional perks of this account include free express delivery of your Revolut card and a 60% discount on international payment fees. You will also get five commission-free stock trades and lower investment fees, with a cryptocurrency fee of 0.99% and a commodity fee of 1.49%. You can benefit from international spending, with currency exchange in over 30 currencies with no fees on an A$20,000 monthly spending limit Monday to Friday. There may be other fees on the weekend.

The travel perks increase too with this plan, such as you’ll get complimentary lounge access with SmartDelay on flights that are delayed by more than an hour. You will also get discounted lounge access at an array of airports worldwide.

Revolut Metal Account

Monthly fee: A$24.99.
ATM fees: You can make ATM withdrawals up to A$1,400 per month.

With the Metal card account, you get the complete package. You get all the additional features Revolut offers, the exclusive contactless Metal card, and other great bonuses. Monthly limits increase and fees are reduced with this subscription plan.

Perks of this account include free express delivery of your Revolut card and an 80% discount on international fees. You get 10 commission-free stock trades and lower investment fees, with a cryptocurrency fee of 0.99% and a commodity fee of 1.49%.

When travelling or on holiday, you don’t have to worry too much about international spending, with currency exchange in over 30 currencies with no fees for an unlimited spending limit from Monday to Friday. Other travel perks include complimentary lounge access with SmartDelay on flights delayed by more than an hour and discounted lounge access at an array of airports worldwide.

Benefits and Drawbacks of a Revolut Account and Card

Now you know all about the available Revolut cards, you must know the benefits and drawbacks of Revolut.

Benefits ✅️

Low-cost global spending: The foreign transaction fees are relatively low if you plan to use your Revolut card overseas. For using EURO or GBP, there is a 0.30% transaction fee. Prices vary from country to country, so always check with the company before using your Revolut card abroad.
Transfer money overseas: You can quickly make international transfers to countries with low foreign currency exchange fees.
Spending insights: When you spend money using your Revolut card, you will receive instant payment notifications and be able to track all your spending.
Customisation options: You can pick the type of card you want the colour, and some plans allow you to add designs.
Free ATM withdrawals: When you make ATM withdrawals in Australia, there are no fees when you take out up to A$350 per monthly cycle within the Standard ATM Withdrawal allowance.
Hold multiple currencies: With a Revolut account, you can hold and exchange money in various currencies.
Advanced fraud protection: There are secure transactions with two-factor authorisation accounts. You can control your card in-app so you can freeze them if you ever lose one, and Revolut delivers data security with no compromises.

Drawbacks ❌️

Delivery fee: There is no delivery fee for your first card. However, a delivery may start from A$9.99 for any additional cards.
Additional card cost: Your first Revolut card is free. However, there will be a charge for any additional cards starting from A$8.99.
ATM fees: If you withdraw money above the allowance, there will be a 2% charge on the ATM withdrawal value.

Revolut Card and Account: The Verdict 💡️

What’s ideal about Revolut is that regardless of your plan, you can use the Revolut Chrome extension, which helps you with safer online shopping.

Sure, you get additional features and a Metal card with the Metal account, but the other plans are helpful for money management. All cards and accounts allow international spending anywhere that accepts payment by card.

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Frequently Asked Questions 🔎️

Is it Worth Getting a Revolut Card?

Revolut offers a wide range of cards. You can use a physical card for in-person purchases, a virtual card for online shopping, and even disposable virtual cards for one-time purchases. There are plenty of card options available. You can choose from three card plans, but regardless of the plan, all cards and accounts allow international spending anywhere that accepts payment by card.

What Are the Drawbacks of Revolut?

There aren’t many drawbacks to using Revolut, but the ones you should be aware of are the following:

There are charges for any additional cards starting from A$8.99.
If you withdraw money above the allowance, there will be a 2% charge on the ATM withdrawal value.

What Are the Benefits of Revolut?

There are many benefits of using a Revolut card and account; some include:

The foreign transaction fees are relatively low if you plan to use your Revolut card overseas. You can quickly transfer money to countries with low foreign currency exchange fees.
When you make ATM withdrawals in Australia, there are no fees when you take out up to A$350 per monthly cycle within the Standard ATM Withdrawal allowance.
You can control your card in-app so you can freeze them if you ever lose one, and Revolut delivers data security with no compromises.

What Revolut Cards Can You Get in Australia?

You can get three types of Revolut cards: a physical card used to make in-person purchases. You can choose the colour of your card too. While waiting for your physical card to be delivered, you can use a virtual version of your card immediately via Apple Pay and Google Pay. If you’re online shopping at a website you’re not 100% sure about, you can generate a disposable Revolut card.